Post Utme Bells University 2018 Economics Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Bells University Economics examination.

Post Utme Bells University 2018 Economics Objective / Multiple Choice
Question 1 POST_UTME_BELLS_UNIVERSITY • 2018 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is at the expense of another. What is the opportunity \cost of producing more wheat in Nigeria?

Answer Options

Correct Answer A. The opportunity \cost is the value of the next best alternative good that could have been produced.
B. The opportunity \cost is the value of the next best alternative good that could have been consumed.
C. The opportunity \cost is the value of the next best alternative good that could have been traded.
D. The opportunity \cost is the value of the next best alternative good that could have been invested.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative good that could have been produced.

About This Question

This is Post Utme Bells University 2018 Economics Question 1. It is one of the objective questions from the 2018 Post Utme Bells University Economics examination.

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